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One of the nation’s largest homebuilders, Lennarf (NYSE: LEN) said the homes were buil t primarily in 2006 and 2007 and make up a small percentage – 2.1 percent in the state and 0.5 of percent nationwid – of the total homes delivered. The company said it has put asidsenearly $40 million in warranty reserves to pay for the and that, as of May 31, thosd reserves, net of was $34.4 million. The company said it has $20.
67 million receivable to pay for damages under its insuranc coverage and it is seeking reimbursementffrom subcontractors, insurers and others for cost it expects to incur to investigatew and repair any damage, according to the In addition, as of July 10, the company said it was awarde of 41 Florida state court lawsuits and two federa l class actions that had been filed againsft it by those impacted by the defective drywall. The federal casees have been consolidated toa multi-district court in Louisiana. Lennaf said it has filed suit in Miami-Dadre Circuit Court against the entire supply chain, including the Chinese and German manufacturersd of the defective drywall.
It also has moved to stop all 41 state court actions, allowing builders to make the repairs. Sharesa were down 23 cents to $8.09 in morninb trading. The 52-week high was $16.90 on 19. The 52-week low was $3.42 on Nov. 21.
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